Asian Paints Ltd (“Company“) has has entered into a joint venture agreement with RS Holding Limited (Riddhi Siddhi), Mr. Raj Kumar Bohra, Mrs. Nita Bohra and Associated Soap Stone Distributing Company Private Limited (ASD) [collectively referred to as ’the Parties’] and has incorporated ‘Asian White Cement Holding Limited’, joint venture company in Dubai International Financial Centre (DIFC) on 2nd May, 2023. The Trade License and Certificate of Incorporation was issued by the DIFC Registrar of Companies on 3rd May, 2023.
The authorized share capital of the Asian White Cement Holding Limited is AED 60 million (Rs. 133.67 crores) divided into 6 million equity shares of face value of AED 10 each. The joint venture will carry out the business of manufacturing white cement and white cement clinker in UAE and its onward sale and export.
The shareholding of the joint venture company is as follows:
Asian Paints Limited: 70%
Parties: 30%
With effect from 2nd May, 2023, Asian White Cement Holding Limited has become a subsidiary of Asian Paints Ltd.
The significant terms are as under:
• The Board of the joint venture company would comprise of three (3) directors nominated by Asian Paints Limited, one (1) director by Riddhi Siddhi and one (1) director by ASD
• Equity investment based right to nominate directors
• The Chairman of the Board shall be nominated by Asian Paints Limited
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